Sunday, September 23, 2018

South Africa should not consider additional taxes for the country's mining sector, but a revamp of its gold tax mining regime was advisable.

A slump in mining royalties contributed to a six percent decline in Zimbabwe's tax take in the first half of its fiscal year.

The National Union of Metalworkers of SA said up to 70% of jobs at BHP Billiton's Bayside smelter would be lost.

Seven of 19 gold producing companies tracked by Bloomberg News was losing money at $1,137/oz and was leading to development of a two-tier sector.

Kibo Mining said it had finalised the terms of reference for its power purchase and a grid connection agreements with the Tanzanian government.

The credit rating of AngloGold Ashanti should be improved after the company had cut costs, lifted production and settled wage agreements.

Goldman Sachs cut its price forecast for power station coal in Newcastle, Australia, a benchmark in China, to $69/t.

BHP Billiton lifted iron ore production to 47.7 million tonnes in the fourth quarter, a new record on the back of expanding production in Australia.

Gold Fields would report gold production of 535,000 ounces in the June quarter, roughly a 30,000 oz improvement quarter-on-quarter.

Kumba Iron Ore would post a one fifth decline in earnings for the 2014 financial year owing to a decline in iron ore prices.